Chapter 13 bankruptcy is available to individuals and sole proprietors of businesses. It takes one’s salary and expenses into consideration to create a solid 3- to 5-year plan of repayment and reorganization to fit your needs. Once your repayment plan is complete, any remaining debt (that has the capability of being discharged) will be discharged. When filing for Chapter 13, you are able to reorganize your debt, hence the term Chapter 13 Reorganization. Chapter 13 bankruptcy will allow you to keep many of your most important assets, such as your home and vehicle.
Individuals may use a chapter 13 proceeding to save their home from foreclosure. The automatic stay stops the foreclosure proceeding as soon as the individual files the chapter 13 petition.
Chapter 13 Bankruptcy Lawyers in Orlando, Florida
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